10 Stocks That Will Skyrocket

5. CyberArk Software Ltd. (NASDAQ:CYBR)

Number of Hedge Fund Investors  in Q1 2024: 63

Date of Newsletter: June 26th

Coming back to the list of Oxford Club’s new Magnificent 7 stocks that are also favored by hedge funds, this particular stock seems to have taken an early lead in a niche AI industry. By doing so, it’s tied its fortune to the growth of the broader business world and relied on AI to expand its product portfolio. This firm “uses AI to protect companies from identity theft and security breaches.” These products seem to have caught on with some of the biggest companies in the world, as the future Magnificent 7 stock “provides cybersecurity for. . . even NASA” according to the Oxford Club.

The magical AI cybersecurity stock is CyberArk Software Ltd. (NASDAQ:CYBR) according to Stock Gumshoe. In today’s era of high interest rates, CyberArk Software Ltd. (NASDAQ:CYBR) is valued at 17x of its annual recurring revenue, which sat at $622 million on an annualized basis recently. The firm is currently valued at 100x of its expected 2024 earnings, and it has also grown revenue by an average of 17% over the past five years. Stock Gusmshoe cautions that these high multiples can leave the stock volatile in the future as the fundamentals will take some time to catch up with market expectations.